A plan announced by global energy giant BP to sell a gas field it jointly
owns with Iran is being viewed by experts as a litmus test for Washington’s
policy toward Tehran (Nov. 26). BP last week said it would sell three fields
including Rhum which it shares with the National Iranian Oil Company (NIOC)
to UK’s North Sea operator Serica Energy. The British company would
nevertheless require the license of the US Treasury Department to go ahead
with selling Rhum due to Iran’s involvement in the project.

Iran Warns of Fallout as Trump Mulls Oil Embargo

Iran’s Minister of Petroleum Bijan Namdar Zangeneh says a possible boycott
of the Islamic Republic’s crude oil as sought by US President Donald Trump
would affect the market. Trump issued a statement, saying because there was
enough supply of oil from other countries it was possible to limit the
purchase of oil and its derivatives from Iran. “Iran’s oil supply to the
market is up to 2.5 million barrels a day, and the removal of this amount
would definitely affect the market,” Fars News Agency quoted Zangeneh as
saying. Trump’s remarks, the minister said, have had no impact on Iran’s oil
trade so far and the exports are going ahead without any problem. More than
60% of Iran’s crude oil is shipped to Asian countries and about 40% to
Europe.

Gas Exporters Blast US Use of Sanctions as Weapon

Gas exporting countries have condemned the use of sanctions as a weapon
against other nations, in an apparent jab at the United States. The Gas
Exporting Countries Forum (GECF), which has 12 members in the likes of Iran,
Russia and Qatar, issued a communiqué at the end of its summit in Bolivia
(Nov. 25). Some members of the group such as Russia, Iran and Venezuela have
been slapped with unilateral economic sanctions by the United States which
is widely believed to be waging an energy war in line with its global
domination plans. In its statement, the GECF expressed “profound concern”
about sanctions that are not authorized by the United Nations.

Iran Looking for New EU Oil Clients

Iran says it is negotiating with new European clients to sell its crude oil.
Marzieh Shahdaei, the country’s acting petroleum minister, was quoted by
media as saying that the move would be part of Iran’s policy to increase oil
exports specifically to Europe (Nov. 21). She also suggested that this could
be in response to recent declines in purchases by Iran’s Asian clients.

First LNG Shipment Expected in Late 2018

Only weeks after the world heard news of a revival in Iran’s ambitious plans
to get a foothold in the global market of liquefied natural gas (LNG),
speculations are now emerging that the country’s first consignments of the
strategic fuel could flow to markets in 12 months’ time. The Business
Monitor International (BMI) – the international publisher of specialist
business information – said in a report that the first yields in Iran’s LNG
production campaign could come from a floating liquefaction project the
country plans to launch in the Persian Gulf waters. The project – a joint
venture between Iran and Norway’s Hemla Vantage – could give Iran a tactical
advantage to deepen relations with its partners in Europe and Asia, wrote
the BMI.

Oil Exports to India Up 88%

The latest market figures indicate a giant increase in India’s imports of
crude oil from Iran throughout October in yet another sign of success for
the Iranian oil industry after the removal of sanctions that had decimated
its exports for several years. Figures released by Reuters show India
imported 183,000 barrels per day (bpd) of crude oil and condensate – an
ultra-light type of oil – from Iran. The figure showed an increase of
88 percent compared to September, the news agency added quoting tanker data
(Nov. 18). India’s imports of Iran’s oil over the same period were
nonetheless lower than last year by 27 percent. The country’s imports of
Iranian crude at the time stood at 250,000 bpd.

Only UNSC Sanctions Can Force Total Out

Iran says the French energy giant Total - that has won a deal to develop a
key gas project in the country - can quit only if forced to do so as a
result of sanctions by the UN Security Council. Zangeneh was quoted by media
as saying that the deal determined the conditions by means of which the
French company could quit the project to develop Phase 11 of South Pars
energy zone (Nov. 18). “The agreement with Total is a credible one and that
company cannot withdraw from the project under ordinary conditions,” Iran’s
IRNA quoted him as saying.

South Korea’s Oil Imports from Iran Up 83%

The latest market figures that South Korea’s imports of crude from Iran saw
a significant increase in October compared to the same period last year, but
were nonetheless lower than September by a slight margin. Based on a report
by Reuters, Iran shipped 1.65 million tons of crude oil, or 390,675 bpd, to
South Korea in October. The figure marked an increase of 83 percent compared
to the same period last year. However, it also marked a fall of 9.5 percent
compared to September when shipments stood at 1.83 million tons. The high
volume of Iran’s oil exports to South Korea is in line with ongoing efforts
by the country to ramp up its oil output since sanctions were lifted last
year in a bid to recoup its lost market share, Reuters added (Nov. 15).

Lukoil Says Iran’s NIOC, Others Eyeing Its ISAB Refinery

Russia’s oil giant Lukoil says companies from Iran as well as Azerbaijan and
Algeria have voiced interest in purchasing its ISAB refinery in Italy’s
Sicily (Nov. 15). Reports quoted Lukoil CEO Vagit Alekperov as saying that
the companies were the National Iranian Oil Company (NIOC), Azerbaijan’s
SOCAR and Algeria’s Sonatrach. The move was earlier said to have been in
line with the Russian company’s plans to review its overseas operations.
Alekperov emphasized that there has been a huge demand from companies that
wanted to purchase the ISAB refinery. He added that his company would
consider all bids.

‘Total Wants to Know Fate of Iran Sanctions Sooner’

France’s key energy company Total says it is moving ahead with a plan to
develop a major gas project in Iran, but would nonetheless want to know
sooner whether the US would re-impose sanctions on Iran or not (Nov.
14). Total CEO Patrick Pouyanné has been quoted by media as saying that his
company would have to proceed within the framework of US laws over its Iran
plans specifically now that it has higher stakes in the US. “Either we can
do the deal legally if there is a legal framework,” Pouyanné told the CNN.
“We work in the US, we have assets in the US, and we just acquired more
assets in the US. If we cannot do that for legal reasons, because of [a]
change of [the] regime of sanctions, then we have to revisit it.”

Siemens Delivers Second F-Class Turbine to Iran

Iran has taken delivery of the second F-class gas turbine from German
engineering group Siemens for use at a 600-megawatt power station being
built in Bandar Abbas (Nov. 11). Under a contract signed with Iran’s energy
and infrastructure conglomerate MAPNA, the German group is to supply at
least 20 gas turbines as well as associated generators over a period of five
years. The far-reaching agreement signed in March 2016 foresees the transfer
of know-how for the F-class gas turbine technology to modernize the Iranian
power supply system. It also includes a license for manufacturing F-class
gas turbines in Iran.

Gazprom Signs Deal to Make Iran LNG Player

Russia’s Gazprom says it has signed a basic agreement with NIOC that
envisages cooperation over the production of LNG. The company announced in a
statement posted on its website that this would be part of a wider plan for
cooperation that focuses on the development of Iran’s gas fields “with
subsequent transportation and monetization”. The agreement was signed
between Gazprom’s Deputy Chairman Vitaly Markelov and Iran’s Deputy
Petroleum Minister for Trade and International Affairs Amir Hossein
Zamaninia. If made final, it would make Iran a key player in the profitable
global market of LNG it has been absent so far (Nov. 7).

Total Officially Set in Motion to Start Iran Project

Iran says it has given the required work permits to the foreign employees of
Total thus setting the company in motion to start the development of a key
gas project in the country. The employees for whom the work permits were
issued included directors as well as experts, Iran’s media quoted a
statement by the Ministry of Cooperatives, Labor and Social Welfare as
saying (Nov. 7).

Russia to Export Gas to Pakistan, India from Iranian Fields!

Only days after reports emerged that Russia is pushing ahead a new plan to
export natural gas to Pakistan and India through Iran, there are indications
about the possible source of supply for the ambitious project. Zangeneh told
reporters (Nov. 5) that Russian companies could take away a certain amount
of the oil at a field they had developed in compensation for the investment
they had made in it. “In case the development of an oil field by Russians
leads to production, they can receive a certain amount of what Iran owes
them for their investment as oil,” Zangeneh was quoted by IRNA.

Total to Comply with any US Sanctions on Iran: CEO

Total says it has opened an office in Washington to coordinate its
operations in Iran where the French oil and gas major plans to develop Phase
11 of the giant South Pars gas field (Nov. 4). Total was the first Western
energy firm to sign a major deal, worth $4.8 billion, with Iran after
sanctions were lifted on the Islamic Republic in 2016 under a nuclear
agreement. However, President Trump’s refusal last month to endorse the
nuclear agreement with Iran and his threat to levy new sanctions on the
country has thrown the future of the deal into doubt.

Russia to Help Iran Boost Oil Output by 1.1 mb/d

Russia says it has worked out a “road map” with Iran over cooperating in
production of crude oil that envisages investing billions of dollars to
increase the country’s oil production by at least 1.1 million barrels per
day. Igor Sechin, the head of Russia’s Rosneft energy giant, was quoted by
media as saying that the road map had been enshrined in a preliminary
agreement that his company had signed with the NIOC earlier (Nov. 3). The
agreement, he emphasized, envisaged that Russia and Iran would cooperate
over a number of “strategic” projects worth up to $30 billion.

Regional Goals in Iran-Russia Energy Partnership

Reports by Iran’s media over the agreements that the country signed with
Russia during the visit to Tehran by President Vladimir Putin show that the
two countries are set to push ahead a strategic partnership in the area of
energy with goals that go beyond their borders (Nov. 3). The NIOC had signed
at least four agreements with Russian giants Gazprom and Rosneft – two with
each - over certain oil and gas projects. No details on what was exactly
agreed on emerged in the media.

Oil Sales to Asia Highest in Six Months

The latest market figures show that Asian buyers increased their purchases
of crude oil from Iran in September for a third straight month with imports
from the Islamic Republic now standing at the highest levels since March.
Figures show imports of Iran’s oil by China, India, South Korea and Japan
over the period stood at above 1.9 million bpd. The imports were
higher than August by around 20 percent, Reuters reported (Oct.
31). Nevertheless, Iran’s sales to its Asian clients were below highs that
were hit earlier this year and last year when the Islamic Republic started
to flow major volumes of oil to the markets after the removal of the
sanctions.

Total Dawdles on $4.8 bn Iran Gas Project

Total is withholding decision on a $4.8 billion development plan for the
world’s largest gas field in Iran, awaiting clarity from the US (Oct. 28).
Total was the first Western oil major to sign a deal with Iran to develop
and operate phase 11 of Iran’s South Pars in July but the company seems to
have hit the brakes on the plan after President Trump refused to certify
Tehran’s nuclear agreement. Total’s Chief Financial Officer Patrick de La
Chevardiere said the group was proceeding with plans to announce tenders for
its Iran South Pars gas project and the main contract would be awarded at
the beginning of 2018 when there would be clarity from the US.

Iran Signs Deal over ‘Unique’ Floating LNG Scheme

Iran has finalized a contract which could provide it with a crucial access
to global markets of LNG it had been denied for years as a result of US
sanctions (Oct. 27). The contract – widely believed to be unique in many
ways – would envisage an investment of at least $600 million in a project
that would be the first of its kind in the region and among only a few so
far implemented in the world. It was awarded by the NIOC to a joint venture
between Norway’s Hemla Vantage energy giant and Iran’s Kharg Petrochemical
Company, SHANA, affiliated to Iran’s Ministry of Petroleum, reported.

Uzbekistan Joins List of Iran’s Oil Clients

Iran says it is studying a request by Uzbekistan to export crude oil to the
Central Asian country – an announcement that shows the list of Iranian oil
clients is expanding as the nation pumps more crude to international markets
(Oct. 18). Zangeneh was quoted by the domestic media in Tehran as saying
that ranking Uzbek oil officials were already discussing imports from Iran
with the NIOC. “Uzbekistan’s oil production is limited. Therefore, it needs
to import this strategic product,” Zangeneh was quoted as saying by IRNA.
“Given that Uzbekistan has no access to sea, exports to the country need to
be carried out through land and probably by rail,” he said after meeting the
visiting Uzbek Foreign Minister Abdulaziz Kamilov.

Oil Exports to China Up 59%

The latest market figures show that Iran’s exports of crude oil to China in
September saw a whopping increase of 59 percent compared to the same period
last year (Oct. 25). Figures released by Reuters showed that Iran exported
as much as 3.22 million tons – or 784,000 bpd – to Asia’s largest and
world’s second top consumer last month. Reuters quoted traders with
knowledge of Iran’s oil sales as saying that the hefty growth was spurred by
resumption of condensate lifting.

India Offers $11 bn to Develop Iran’s Farzad B Gas Field

A leading Indian energy company has announced that it has presented an offer
to Iran to develop its Farzad B gas field through an investment that it says
could reach as high as $11 billion (Oct. 10). The offer was presented by
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas
Corp, and involved an integrated package comprising both producing gas at
the field and cooling it into LNG for exports. OVL Managing Director
Narendra Verma was quoted by the media in New Delhi as saying that his
company was waiting for a response from Tehran to what he described as “the
best offer” to develop the gas field which is located in Iran’s shore of the
Persian Gulf.

Iran, Russia Sign Caspian Oil Exploration Deals

Iran has signed two agreements with Russia’s Lukoil to jointly look for
hydrocarbon reserves in the southern parts of the Caspian Sea – a
groundbreaking move that could have significant economic as well as
political outcomes for both Tehran and Moscow (Oct. 4). The agreements were
signed during a visit to Moscow by Iran’s petroleum minister and followed,
as the domestic media reported, “several months of negotiations”. No
details regarding the documents have been publicized. This would be the
first time for Iran and Russia to cooperate over an energy-related project
in the Caspian Sea.

Total Preparing to Do Russia-Style Iran Funding

Total has indicated that it plans to use the same solutions it employs for
doing business in Russia under US sanctions, for a key gas project in Iran
in case Washington re-imposes sanctions against the country (Oct. 3). Total
chief executive officer told The Financial Times that his company had
successfully used an alternative basket of foreign currencies in providing
funds for the development of a key gas project in Russia which faces US
financial restrictions. Pouyanné said the solution for providing funds for
the development of the second phase of Arctic natural gas liquefaction
project involved using currencies like the euro and China’s yuan instead of
the US dollar.

Oil Products Shipment to Iraqi Kurdistan Banned

Iran’s Ministry of Roads and Urban Development has warned companies against
shipment of oil products to and from the Iraqi Kurdistan “until further
notice,” Iranian news agencies reported (Sept. 30). The decision is in line
with Tehran’s series of measures in response to a referendum held in the
semi-autonomous region on possible secession from Iraq which has drawn
international criticism. “Given the recent developments in the region, it is
suitable that international transportation companies and drivers active in
this field avoid loading and carrying oil products to and from the Iraqi
Kurdistan Region until further notice,” a directive by the ministry’s Road
Maintenance and Transportation Organization said.

US Unable to Stop Iran’s Oil Exports: Platts

If the US re-imposes sanctions on Iran’s oil sector without the support of
Europe, China and Russia, it will see grudging and uneven compliance by
international energy companies and will not be able to stop crude flows that
returned to the market in 2015, according to sanctions expert Elizabeth
Rosenberg (Sept. 30). “Grudging compliance does not look like robust,
immediate information sharing to support the enforcement of sanctions,” said
Rosenberg, the director of the energy economics and security program at the
Center for New American Security and a former Treasury Department adviser on
sanctions.

US Interior Secretary Hints at Economic War on Iran

US Interior Secretary Ryan Zinke says Washington is now better placed to use
its “economic dominance” to cut Iran’s oil revenues (Sept. 30). American
companies have been jacking up shale oil production since President Trump
walked away from the Paris climate treaty. US ability to extract energy from
vast shale formations has put the country on the brink of being a global
energy powerhouse. Speaking at the Heritage Foundation, Zinke said US
“economic leverage would work to supplant every drop of crude that Iran
produces and energy dominance is part of that,” the Washington Examiner
website reported.

Iran to Build Refinery in Syria’s Homs

Iran has announced an ambitious plan to construct an oil refinery in Syria
in what could be a fresh sign that things in the country are set to return
to normalcy after more than six years (Sept. 26). The announcement was made
by Mansour Bazmi, the acting chief of Iran’s Research Institute of Petroleum
Industry (RIPI). Bazmi told reporters that the projected refinery would have
an initial processing capacity of 40,000 barrels per day (bpd) that would
increase to 140,000 bpd once fully developed.

Iraq Says to Invest in Joint Oil Projects with Iran

Iraq’s Oil Minister Jabbar al-Luaibi says an agreement will be signed with
Iran soon to jointly invest in two oil fields shared between the two
countries (Sept. 25). Luaibi did not specify which fields were concerned and
when the agreement would be signed. Nevertheless, it would be a
groundbreaking move in the history of economic cooperation between the two
important oil heavyweights in the region. In August, Iraq’s Ambassador to
Tehran Rajih al-Mussawi said his country was considering a plan to cooperate
with Iran in the development of Azadegan oil field which the two sides
share.

Iran Named World’s Third Largest Gas Producer

The International Energy Agency (IEA) in its latest report on the status of
the global energy market said that Iran was the world’s third largest
producer of natural gas in 2016 (Sept. 24). The IEA in its report said Iran
had produced 190 billion cubic meters (bcm) of gas last year which it said
was 5.3 percent of world’s total. The agency noted that the US and Russia
were the leading gas producers over the same period adding that their
outputs stood at 749 bcm (20.7 percent) and 644 bcm (17.7 percent),
respectively.

Petrobras to Look for Oil in Iran’s Share of Caspian Sea

Brazil has voiced interest in looking for hydrocarbon reserves in the
Iranian share of the Caspian Sea (Sept. 22). This was announced by Brazil’s
Ambassador to Tehran Rodrigo de Azeredo Santos in a meeting with Yousef
Etemadi, the acting managing director of Iran’s Khazar Exploration and
Production Company (KEPCO). Santos emphasized that Brazil’s Petrobras was
ready to cooperate with the National Iranian Oil Company (NIOC) and its
subsidiary companies like KEPCO in conducting exploration operations in the
Caspian Sea.

UK’s Quercus Seals Iran’s €500 Million Solar Deal

UK renewables investor Quercus has signed a deal worth over half a billion
euros to build and operate a 600-megawatt (MW) solar farm in Iran, the
company said (Sept. 20). The work located in central Iran is expected to
take three years, with the project coming online in 100 MW phases every six
months, Quercus said of its first project outside Europe. “As Iran opens for
business, we are delighted to be taking a leading role in building the
country’s renewable energy infrastructure at such an early stage of its
development,” Quercus CEO Diego Biasi said.

South Korea Is Iran’s New Natural Gas Client

State-run Korea Gas Corp (KOGAS), the world’s second-largest single buyer of
LNG, says it plans to import natural gas from Iran as well as explore
opportunities to acquire gas field stakes in the country (Sept. 16). A KOGAS
official said the company was looking to diversify its import sources as
supply contracts with Qatar and Oman were set to expire by 2015. “Iran is
rich in natural gas so we would like to work closely with both public and
private energy companies there,” the official was quoted by Korea Times as
saying.

Iran’s Renewable Energy Sector Is a $60 bn Bonanza

Iran expects its installed renewable power capacity barring hydropower to
surpass 700 megawatts at the end of the current Persian year in March 2018.
Currently, Iran has 77,000 megawatts of power capacity, of which 360
megawatts is renewable energy. Most of the electricity generated in the
country comes from thermal power plants which use fossil fuel (Sept. 16).
According to Deputy Energy Minister Houshang Falahatian, renewable energy
including hydropower accounts for about 6 percent of the overall electricity
produced in the country where 90% of the fuel used in power plants is
natural gas.

Iran Eyeing €500 mn in Gas Recovery Deals

Iran says it has serious plans to attract as much as €500 million in foreign
investments for projects to collect flare gas in its South Pars energy hub
(Sept. 8). The announcement was made only days after the country awarded a
deal worth €42 million to a consortium led by France’s Sofregaz for a
similar project at the treatment plant of South Pars Phases 2 and 3.
“Reducing the level of industrial pollutants is an important issue that has
been highlighted in Iran’s upstream documents and is a key concern of the
officials,” Mohammad Meshkin-Fam, managing director of Pars Oil and Gas
Company (POGC), was quoted by the domestic media as saying.

Germans Clinch Iran’s First Methanol Sales Deal

Iran has signed its first contract for sales of methanol produced at a
petrochemical plant which will come on stream soon, the facility’s managing
director says (Sept. 2). The pre-sale agreement between Marjan Petrochemical
Company and a major German firm came on the eve of the operation of the
facility in Iran’s hydrocarbon hub of Asaluyeh, its CEO Hassan Beigi was
quoted as saying. “Marjan is the first petrochemical company to have sealed
a contract for sales of products with European companies,” he said, without
naming the German company.

ECONOMY & TRADE

Government’s 100-Day Track Record

One hundred days into his second term, Iran’s President Hassan Rouhani
outlined his government’s performance and reaffirmed his commitment to
fulfilling his campaign promises on live television (Nov. 29). Rouhani was
reelected as Iran’s president on May 19 with more than 23.5 million votes,
or 57% of the total votes cast, on a platform of “economic development,
creating jobs, promoting social freedoms, normalizing relations with the
outside world, removing the remaining US sanctions” and putting the country
back on the global economic map. He started off his briefing on the economy
by saying that there was zero job creation from 2006-7 to 2013-14 whereas
from the third quarter of 2014-15 to the second quarter of 2017-18, an
average of 685,000 jobs were generated annually.

CKTI Nations Seal Deal to Boost Rail Traffic

China, Kazakhstan, Turkmenistan and Iran have signed an agreement to
increase the volume of cargoes shipped through the four countries to
international markets by rail (Nov. 28). The agreement was reached after a
meeting between the representatives of the countries in the Kazakh city of
Astana, according to a statement by Kazakhstan’s railways KTZ.

CBI Puts Inflation at 9.9%

The average goods and services Consumer Price Index for urban areas in the
12 months ending Nov. 21, which marks the end of the Iranian month of Aban,
increased by 9.9% compared with last year’s corresponding period, the latest
report released by the Central Bank of Iran showed. CBI had put the
inflation rate for the preceding month of Mehr, which ended on Oct. 22, at
9.8%. The overall CPI (using the Iranian year to March 2017 as the base
year) stood at 109.8 in Aban, indicating a 1.3% increase compared with the
previous month. The index registered a year-on-year increase of 9.6%
compared with the similar month of last year. The CBI report came after the
Statistical Center of Iran put Aban inflation at 8.4%.

S. Korea Shifting Iran Focus from Trade to Investment

The South Korean ambassador to Iran said Seoul is shifting focus from trade
to investment in Iran. Kim Seung-ho also told Mehr News Agency in an
interview (Nov. 25) that Seoul is looking beyond trade. South Korea has
increased its commercial exchanges with Iran after Tehran signed the nuclear
deal with world powers in 2015.

Iran Foreign Trade Up 8%

Iran’s non-oil foreign trade during the first eight months of the current
fiscal year (started March 21) stood at $60.9 billion, indicating an 8% rise
compared with last year’s corresponding period. According to the latest
report of the Islamic Republic of Iran Customs Administration, exports hit
78.81 million tons worth $28.48 billion, indicating a 1.21% decline
year-on-year. Imports amounted to 23.56 million tons worth $32.41 billion,
up 17.52% year-on-year. Increased imports of basic goods, auto parts, cars
and capital goods are behind the rise in imports (Nov. 28).

Iran, Turkey, Qatar Sign Deal to Ease Doha Blockade

Turkey, Iran and Qatar signed a transportation pact for boosting trade among
the three countries (Nov. 28). Turkey’s Economy Minister Nihat Zeybekci and
his Qatari counterpart Ahmed bin Jassim bin Mohammed Al Thani were in the
Iranian capital Tehran to sign the agreement with Iran’s Minister of
Industry, Mine and Trade Mohammad Shariatmadari. Under the agreement, Iran
will be the transit country between Turkey and Qatar. The deal is expected
to help accelerate commodity delivery and facilitate trilateral trade.

Iran-Russia Seesaw Trade Yet to Reach Full Potential

Iran exported 298,204 tons of non-oil commodities worth $143.46 million to
Russia during the seven months to Oct. 22, registering a 96.32% and 63.21%
growth in volume and value respectively compared with last year’s
corresponding period, Islamic Republic of Iran Customs Administration
announced (Nov. 25). This is while Iran’s imports from Russia during the
same period stood at 909.328 tons worth $419.39 million, up 1.41% in volume
but considerably down by 62.87% in value year-on-year.

Bank Sepah Denies Credit Ban by Germany

Iran’s Bank Sepah has dismissed a report that it had been slapped with
sanctions by the German government for allegedly violating the country’s
credit law (Nov. 18). Israeli daily The Jerusalem Post had claimed that
Germany’s Federal Financial Supervisory Authority (BaFin) had announced a
credit ban imposed on Iran’s Bank Sepah.

ATR Says to Deliver 8 More Planes to Iran Soon

European plane maker ATR says it plans to deliver eight more turboprop
planes to Iran within the next few weeks (Nov. 14). The announcement was
made by ATR Chief Executive Officer Christian Scherer who said the
deliveries would be made under export licenses issued by the US Treasury
Department following the lifting of international nuclear-related sanctions
against Iran in 2016.

India Opens New Transit Route to Afghanistan via Iran

India has sent a ship of wheat to Iran to be transited to Afghanistan in
what appears to be a dry run of a new multi-modal trade route that dodges
Pakistan (Nov. 1). The ship arrived in Iran’s southeastern port of Chabahar
from India’s western port of Kandla carrying 640 containers of wheat with a
total weight of 15,000 tons. Indian officials, as reported by media, said
the country’s maiden commercial shipment to Afghanistan through Iran was “a
landmark moment”.

EU Team in Tehran to Keep Budding Tie-Up Alive

A 70-strong delegation of senior European officials and business leaders
visited Tehran to examine capacities for further expansion of trade ties
(Nov. 11). European Commissioner for Agriculture and Rural Development Phil
Hogan headed the team which also included 25 senior political officials.

IMF Unfazed by Trump Threats over Iran Plans

The International Monetary Fund (IMF) says its policy in awarding loans to
Iran will not change in the wake of increasing US pressures against a
landmark nuclear deal that envisages facilitating post-sanctions financial
transactions with the country (Oct. 15). IMF Chief Christine Lagarde has
been quoted by media as saying that the fund would proceed with its regular
Iran policy like it would do with all other member states.

Russia to Link Iran to Global Payment Systems

Iran says a cooperation agreement has been signed with a Russian provider of
banking technological solutions to connect the country’s financial network
with global payment systems (Oct. 13). The agreement was signed between
Iran’s Informatics Services Corporation (ISC) and Russia’s BPC Group of
Companies. Based on it, the two companies would cooperate in creating a
standard banking card switch platform so as to provide a link between
Iranian clients and international providers of financial services.

Erdogan Sees Iran Trade Hitting $30 bn Soon

Turkish President Recep Tayyip Erdogan sees trade with Iran hitting the $30
billion mark “soon” as the two regional powers are shoring up relations on
multiple fronts (Oct. 21). “With the large-scale planning which is underway,
we will soon reach the sum of $30 billion in trade transactions between the
two countries,” the Turkish leader told Iran’s First Vice President Eshaq
Jahangiri in Istanbul.

Iran, Turkey Finalize Landmark Currency Swap Deal

Iran and Turkey have finalized what could be a historic deal to trade in
their local currencies instead of the euro and the dollar (Oct. 20). The
deal was signed between the central banks of the two countries during a
visit to Turkey by Jahangiri. It is expected to help Tehran and Ankara to
triple the volume of their trade activities to as high as $30 billion from
current $10 billion among other strategic benefits.

Norway Defies Trump, Invests $4 Billion in Iran

A Norwegian solar company has signed a $4-billion investment deal with Iran
just days after President Trump calls for isolating Tehran (Oct. 18). Norway
is fully committed to the JCPOA (Joint Comprehensive Plan of Action) and
this is proof that we have taken the opening very seriously, and we will see
more investment very soon,” AFP quoted Norway’s Ambassador to Tehran Lars
Nordrum.

Iran Exports Macaroni Wheat to Italy for First Time

Iran has exported 31,000 tons of quality durum wheat to Italy for the first
time, in another sign that the country’s food security drive is on target
(Oct. 14). Exports of one million tons of surplus wheat to the countries of
the region and Europe are scheduled, Managing Director of the Government
Trading Corporation of Iran (GTC) Yazdan Seif was quoted as saying.

Italy’s Azimut First Foreign Fund to Operate in Iran

An Italian asset manager has purchased stakes in an Iranian financial
company thus becoming the first foreign fund house to invest in the nation’s
financial sector (Oct. 11). The Financial Times reported that Azimut, a
€48-billion group headquartered in Milan, had acquired 20 percent of Mofid
Entekhab, an Iranian asset manager, for an undisclosed sum. “We were looking
for an opportunity to invest in a very interesting market. Iran is a great
story,” it quoted Sergio Albarelli, chief executive of Azimut, as saying.

Iran Air Receives Two New ATR Planes

Franco-Italian aviation player ATR has delivered two more turboprop planes
to Iran’s national flag-carrier airline Iran Air thus bringing the total
number of deliveries to six from a package of 20. The planes can carry 70
passengers and would be used in flights over a maximum distance of 1,528
kilometers. Iran Air took delivery of the first four ATR aircraft in May,
with the rest due to be handed over to the country by the end of 2018,
including a further three this year (Sept. 29).

Another EU Bank Unveils Plan to Fund Iran Projects

France’s state investment bank Bpifrance says it plans to provide funds to
French companies that invest in the Iranian economy from next year, becoming
the third European bank to do so after similar moves were announced last
week by banks from Austria and Denmark (Sept. 25). Bpifrance CEO Nicolas
Dufourcq told reporters that his bank would grant up to €500 million ($598
million) in annual credits to companies that venture into the Iranian
market.

China Signs Deal to Provide Iran with $10 bn in Loans

China has signed an agreement with Iran to provide a credit line of $10
billion for its infrastructure projects – what is seen as the biggest
economic deal between the two countries after the removal of sanctions
against the Islamic Republic in 2016. The agreement was signed (Sept. 15)
between China’s CITIC Group Corporation and a consortium of Iranian banks
that included Bank of Industry and Mine, Refah Bank, Parsian Bank, Bank
Pasargad and Export Development Bank of Iran.

Mercedes-Benz Inks Deal to Resume Iran Business

Mercedes-Benz, a division of Daimler AG, has signed a contract with Iran
Khodro to distribute its trucks in the Middle Eastern country, the German
automaker has said (Sept. 13). The deal includes creating a joint venture to
provide sales and after-sale services in the Islamic Republic, Iran’s Tasnim
news agency reported. Another deal will be signed next month to create a
joint venture for production of heavy vehicles including Actors trucks in
Iran, the report said.

Russia to Give €1.2 bn to Iran for Power Plant Project

Russia has taken the final step to grant a major loan to Iran for the
development of a power plant in the country’s south thus moving close to a
promise of providing the Islamic Republic with funds amounting to above €2
billion for infrastructure projects (Sept. 11). Russia’s government-owned
Vnesheconombank, or the VEB, signed an agreement to the same effect with an
Iranian bank over a loan worth €1.2 billion for the development of Hormuzgan
thermal power plant on Persian Gulf coasts.

Western Tourists See Iran as New ‘Bright Star’

Iran saw the number of Westerners visiting the ancient country with a
treasure trove of historic artifacts grow more than five percent last year,
data provided by leading travel intelligence analyst ForwardKeys showed
(Sept. 9). Iran’s official figures were not immediately available but
according to ForwardKeys CEO Olivier Jager, the political opening following
the 2015 nuclear accord is making the country “an attractive place to visit
and potentially do business.”

Iran Discovers Huge Iron Ore Reserves in Yazd

Iran has discovered a new iron ore mine in the central city of Yazd,
estimated to hold 2 billion tons of reserves with iron content of 70
percent, an official said (Sept. 2). The reserves were discovered recently
at a depth of 1,500 meters, Director General of Industry, Mine and Trade
Department of Yazd Province Mohammad Reza Alamdar-Yazdi told a news
conference.